A federal district court forces a settlement in the patent case between Mylan (MYL) and Endo Pharmaceuticals (ENDP) over the migraine drug FROVA (Frovatriptan Succinate Tablets). The court vacates its January 28, 2014 decision in favor of Endo paving the way for Mylan to launch its generic version after FDA approval instead of having to wait until November 7, 2015 when the 864 patent expires.
According to IMS Health, Frovatriptan sales in the U.S. last year were ~$66M.
Mylan (MYL) has sued Celgene (CELG) over the what Mylan says are illegal actions that Celgene has taken to keep generic versions of its Revlimid and Thalomid blockbuster drugs off the market.
Mylan wants to force Celgene to sell it enough Revlimid and Thalomid at market prices so that it can carry out bioequivalence testing. Mylan also wants damages for its inability to sell generic versions of the therapies.
Revlimid treats disorders caused by poorly formed blood cells and Thalomid is for Hansen's Disease, or leprosy.
Pharmaceuticals company Mylan (MYL) is reportedly formulating a largely stock offer to acquire Swedish drug maker Meda (MDABF), which has a market cap of $4.5B, although the U.S. company would probably offer a substantial premium.
A deal could slash Mylan's tax bill if more than 20% of its shares were to be transferred to foreign owners.
The drugs that Mylan would receive include therapies for rheumatoid arthritis, women's health and respiratory disorders.
Mylan's (MYL) net profit rose 11% to $180.2M as double-digit growth at the company's specialty segment and in its foreign generics business counter-balanced a 45% drop in revenue from new products following approval delays.
Gross margin increased to 44% from 43.1%.
Projects 2014 EPS of $3.25-3.60 vs consensus of $3.38 and revenue of $7.8-8.2B vs $7.75B.
Mylan expects to make another "substantial transaction" this year, although the company didn't provide details.